With a low unemployment rate and a range of exciting industries booming, Singapore is a job seeker’s paradise. The high average salary and wage are important factors in attracting the best workers to the best roles.
It’s important for workers to understand the average salary in Singapore in their industry before considering a move there. You want to ensure you will earn as much as you expect, and that your quality of life will be positively impacted by the move.
The average salary is the mid-range amount paid annually to a worker in an industry - neither the highest nor the lowest amount. The average wage is much the same, but as a wage is typically paid out monthly or weekly, it’s typically a much lower amount.
So what is the average wage in Singapore? That all depends on your industry. You will generally find there are two figures - the highest and the lowest you can command. The average wage or salary sits between these two figures.
It is worth bearing in mind that the headline figure on your payroll payment or a job site, otherwise known as the “gross” income, does not reflect the amount you take home at the end.
The gross income is the total amount you earn before any deductions are made. Money is then taken out for things like taxes, pensions and student loans.
The amount of money then paid into your account is your “net” income, which can look very different to the gross depending on your circumstances!
This is important to remember, as the average salary figure will be gross, but employment benefit deductions such as pensions can be worth more in the long term.
There are several factors which can impact your salary in Singapore. The main one is your industry; different industries pay workers at different rates. It is also worth bearing in mind your experience and therefore seniority in a profession will affect your earning power too.
You can also expect to earn more based on your education, with graduates often commanding higher salaries depending on their role.
There are many industries with impressive earning power in Singapore - such as:
Working in finance is extremely lucrative for employees. Jobs such as CFO and Investment Banking Analyst offer some of the best average salaries, proving there is money to be made in the money business! With the average salary of a CFO being $350,000, Singapore certainly offers adequate remuneration for talent and expertise!
Information technology services are only on the up in Singapore, and thus more jobs are appearing such as full stack developer. Cyber security commands the best average payscales, up to $120,000 at the junior level.
Medical Practitioners and researchers are not only thought of highly, but rewarded with excellent salaries in Singapore. The average salary for a general practitioner in Singapore is $218,421 making it a savvy place to move to if you have a medical degree!
Mining
Engineers in the mining industry command some of the highest salaries in Singapore, with the average salary being $113,172.
This vital industry works around the underground retrieval and transportation of minerals, metals and fuels, and is increasing in complexity with new safety and environmental standards.
The government of Singapore operates a Progressive Wage Model. This only affects a few industries that are deemed to be lower-paying than others in essential industries such as waste management, food services and retail, as outlined by Expatica.
In addition to this, there are several support systems in place such as the Workfare Income Supplement to aid those over the age of 30 who earn less than $2500 per month.
The Singapore average salary sits somewhere around $70,000. The amount you can actually expect to be paid of course depends upon your industry and expertise.
It is however still worth knowing what the general population are being paid as a whole to see whether your industry is offering a competitive salary that will allow you the standard of living you hope to achieve.
With the average monthly salary projected to go up by 4.1% in 2025, now is an excellent time to investigate whether a move to Singapore is financially lucrative.
According to Numbeo, Singapore’s average net salary is the fourth highest in the world, after only Switzerland, the United States and Qatar. A part of this will be owing to the taxation rate, which is lower in these countries than some others.
While the cost of living will be higher in Singapore, given it is a city-state, there is little variation in quality of locality. This makes Singapore a fantastic place to relocate to as the general standard of living is high.
Among other Asian locations with similar high take-home salaries is Hong Kong, another city with a similar high standard of living. In many ways, a move to Singapore offers the best of all worlds — a superb place to live, and a salary that keeps up with global economic superpowers to ensure your earning potential stays high!
Before you move to Singapore, it is worth doing research on the average salaries for your industry, and seeing what others with similar experience in your field can command.
Websites such as Glassdoor, where employees publish such information, can help get insight. It’s good to ensure you understand your worth within the industry, so look at other comparable companies to the one you are considering joining to check that they are all offering similar salaries.
Having this information at hand is important when entering negotiations for your contract, so you can check that you are receiving what you ought to, even as an expat joining the country.
For your career, it is a good idea to ensure your industry is well represented in Singapore, and generally exceeds global standards within your field.
Before you make the decision to move to Singapore, it is worth looking at the average remuneration for your profession to gain insight into whether your move will benefit you financially.
If you are looking for career progression that will get results, a move to Singapore could be perfect for you. This is especially the case if you are in an industry like finance or technology; a move to Singapore could secure you one of the most competitive salaries across the globe!
If you are looking to manage your finances through your move to Singapore, using QuickBooks is the perfect way to keep on top of your accounts.
